Brookfield Asset Management Inc. (TSX:BAM.A) completed the acquisition of 26% stake in Isagen S.a. E.s.p. from Administradora de Fondos de Pension Porvenir S.A., Empresa de Energia de Bogotá S.A. ESP and others for approximately COP 2930 billion.
May 12, 2016
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Brookfield Asset Management Inc. (TSX:BAM.A) made an offer to acquire 42.39% stake in Isagen S.a. E.s.p. (BVC:ISAGEN) from Administradora de Fondos de Pension Porvenir S.A., Empresa de Energia de Bogotá S.A. ESP (BVC:EEB) and others for COP 4.8 billion on March 15, 2016. The price per share is COP 4.13. In the transaction, Brookfield offers to acquire up to 30% of shares of Isagen with the option to acquire all the outstanding shares correspondents to a 42.4%, depending of the offers they received. The offers will be received between March 28, 2016 and May 6, 2016. The transaction was approved by Bogotá's municipal council. As of March 17, 2016, the Municipal Counsel of Colombian capital, Bogota, approved by 33 votes against 8 the project that authorizes to Empresa de Energía de Bogotá (EEB) to sell its stake of 2.52% stake in Isagen. Jared Fontaine, Jamie Becker and Max Shakin of Torys LLP acted as legal advisor to Brookfield Asset Management Inc.
Brookfield Asset Management Inc. (TSX:BAM.A) completed the acquisition of 26% stake in Isagen S.a. E.s.p. (BVC:ISAGEN) from Administradora de Fondos de Pension Porvenir S.A., Empresa de Energia de Bogotá S.A. ESP (BVC:EEB) and others for approximately COP 2930 billion on May 13, 2016. Under the terms of the transaction, Brookfield acquired approximately 708.8 million shares at the price of COP 4130 per share.
Grupo Energia Bogota SA ESP (GEB), formerly Empresa de Energia de Bogota SA ESP, is a Colombia-based company engaged in the natural gas utilities industry. The Company's activities are divided into four segments: Natural Gas Distribution, responsible for the distribution of natural gas through mains to individual and commercial customers; Natural Gas Transmission, offering transportation of natural gas to cities; Electricity Distribution, distributing electric power to individual and commercial customers, and Electricity Transmission, operating power transmission systems. In addition, the Company offers engineering and leasing services, as well as additional services related to electricity and natural gas. It operates in Colombia, Peru and Guatemala, among others. It owns a number of subsidiaries, such as Transportadora de Energia de Centroamerica SA (TRECSA) and Contugas SAC, among others. The Company is controlled by Capital District of Bogota, a local government.
Brookfield Asset Management Inc. (TSX: BAM.A) completed the acquisition of 26% stake in Isagen S.a. E.s.p. from Administradora de Fondos de Pension Porvenir S.A., Empresa de Energia de Bogotá S.A. ESP and others for approximately COP 2930 billion.